NYS Comptroller Seal  

Bureau of State Payroll Services

Date: January 3, 2000

 Bulletin No. 144


Subject Changes in Federal Income Tax Withholding Tables for the Year 2000
Purpose To advise agencies of increases in withholding allowances
Affected Employees  All employees
Effective Date New rates will be reflected in the Administration checks dated January 5, 2000 and Institution checks dated January 13, 2000.
Tax Tables The value of a withholding allowance has been increased to $53.85 weekly, $107.69 biweekly, $233.33 monthly and $2,800 annually. PeopleSoft uses the annual tax tables published in Circular E. To request a copy of the Circular E, Employer’s Tax Guide, contact the IRS at the toll free number 1-800-829-3676 or visit their website at www.irs.ustreas.gov to view this publication.
Advance Payment of Earned Income Credit

 

In 2000, employees whose earned income is less than $27,413 may be eligible for the advance payment of the Earned Income Credit (EIC), with a maximum credit of $1,412. The new 2000 tables for calculating the credits may also be accessed as indicated above.

Eligible employees must complete a new W-5, Earned Income Credit Advance Payment Certificate each year. Copies of the forms may be obtained from IRS.

Questions Question regarding this bulletin may be directed to the Payroll Deductions mailbox.